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"'No Interest in Real Estate' Just an Excuse?" Yoo Jae-seok Buys 20 Billion Won Land and Villa in Nonhyeon-dong with Cash

Antenna Entertainment Headquarters Construction Prospects
Land and Villa Prices Paid Without Loans

Broadcaster Yoo Jae-seok, who was reported to have purchased a villa in Nonhyeon-dong for 11.6 billion KRW, has been confirmed to have actually bought the villa and nearby land for 20 billion KRW in cash.


According to the Supreme Court registry records on the 13th, Yoo Jae-seok recently purchased land measuring 298.5㎡ (90.3 pyeong) and a building on land measuring 275.2㎡ (83.2 pyeong) located in Nonhyeon-dong, Gangnam-gu, Seoul, for 11.6 billion KRW and 8.2 billion KRW respectively.


The land price per pyeong for the purchased plots is 128.39 million KRW and 98.51 million KRW respectively. Yoo Jae-seok paid the full price for the land and villa in cash without any loans.


"'No Interest in Real Estate' Just an Excuse?" Yoo Jae-seok Buys 20 Billion Won Land and Villa in Nonhyeon-dong with Cash Photo by Yonhap News

The land previously had a five-story building, but it was recently demolished and is now a vacant lot. The villa is a multi-family housing complex built in 2002, consisting of five floors from basement level 1 to the 4th floor, with a total of 11 units.


Although the building and land are located side by side, they face different directions and are adjacent to two separate two-lane roads, making the property highly valued for investment. Industry insiders expect Yoo Jae-seok to build a new structure on the vacant land he purchased. If Yoo combines the two plots to construct a new building, it would have access to roads on both sides.


Yoo Jae-seok’s agency, Antenna Entertainment, is also nearby. The industry anticipates that development will proceed in line with the expiration of the tenants’ lease contracts, given Yoo’s purchase of the villa.


In the entertainment industry, there is speculation that Yoo Jae-seok bought the land and building to construct the Antenna Entertainment headquarters. The date Yoo purchased the land was June 9, which is the same day he acquired 2,699 shares (20.7% stake) of Antenna for 3 billion KRW, becoming the third largest shareholder.


Previously, Yoo participated in a paid-in capital increase conducted by Kakao Entertainment, the parent company of Antenna. Afterwards, he and Antenna’s head, singer Yoo Hee-yeol, acquired over 40% of Antenna’s shares from Kakao Entertainment, becoming the second and third largest shareholders respectively. Yoo Hee-yeol’s stake is 21.3% (worth approximately 3.2 billion KRW at the time).


Meanwhile, Yoo Jae-seok has stated that he currently lives in a rented apartment at Hyundai Apartments in Apgujeong, Gangnam-gu, and has expressed little interest in real estate investment. In fact, he once said on a broadcast he hosts, "I invest a lot, but I’m not good at real estate."


The Hyundai Apartments complex in Apgujeong, where Yoo has lived for 13 years, was completed in 1976 and consists of 13 buildings with a total of 960 households, with exclusive areas ranging from 131 to 198㎡. Yoo’s residence is known to be 196㎡ with five rooms and two bathrooms.


© The Asia Business Daily(www.asiae.co.kr). All rights reserved.

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